Business and Finance
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Business and Finance
Source : (remove) : Wired
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The Biggest US Banks Have All Backed Outofa Commitmentto Reach Net Zero

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  In the lead up to the inauguration, the six largest US banks left a voluntary alliance with the UN to reach net zero by 2050. Now, critics are calling for new climate laws.

The article from WIRED discusses the recent withdrawal of major U.S. banks like JPMorgan Chase, Bank of America, and Citigroup from the Equator Principles, a voluntary framework aimed at managing environmental and social risks in project financing. Critics argue that this move reflects a broader retreat from climate commitments by big banks, especially in light of political pressures from Republican lawmakers who have accused these banks of engaging in "woke capitalism." The banks' exit has sparked a debate on the effectiveness of voluntary climate alliances, with environmental groups and some politicians now pushing for mandatory regulations to ensure banks address climate change. The article highlights the tension between financial institutions' environmental responsibilities and the political backlash against ESG (Environmental, Social, and Governance) investing, suggesting that without legal mandates, the voluntary nature of such alliances might not sufficiently drive the necessary changes to combat climate change.

Read the Full Wired Article at:
[ https://www.wired.com/story/big-banks-abandoned-a-voluntary-climate-alliance-now-critics-are-calling-for-new-laws/ ]